INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

NOTE 3 – INTANGIBLE ASSETS

The carrying values of the Company’s finite-lived intangible assets were as follows:

	March 31, 2022							December 31, 2021
			Accumulated							Accumulated
	Cost		Amortization			Net		Cost		Amortization			Net
Product Licenses	$	4,193,879	$	(671,051	)	$	3,522,828	$	4,193,879	$	(586,541	)	$	3,607,338
Patents and Other IP		1,610,111		(571,772	)		1,038,339		1,610,111		(551,285	)		1,058,826
Software and Other		127,492		(70,712	)		56,780		127,492		(65,686	)		61,806
Total	$	5,931,482	$	(1,313,535	)	$	4,617,947	$	5,931,482	$	(1,203,512	)	$	4,727,970

In March 2021, the Company issued 20,834 shares of its common stock to Rochal Industries, LLC (“Rochal”) for a $750,000 milestone payment required per the terms of a licensing agreement with Rochal. The payment became due upon the Company’s public offering of common stock in February 2021. The milestone payment was recorded as an addition to intangible assets.

As of March 31, 2022, the weighted-average amortization period for all intangible assets was 12.7 years. Amortization expense related to intangible assets was $110,023 for the three months ended March 31, 2022 and $73,103 for the three months ended March 31, 2021. The estimated remaining amortization expense as of March 31, 2022 is as follows:

Remainder of 2022	$	327,655
2023		432,598
2024		432,598
2025		432,598
2026		415,342
2027		415,342
Thereafter		2,161,814
Total	$	4,617,947

The Company has reviewed the carrying value of intangible assets and has determined there was no impairment on the Company’s intangible assets during either of the three months ended March 31, 2022 or 2021.